Once again @Carlos Danger , you provide the most insightful analysis in the absence of information that tells the complete story.We don't know if it is the full $20m
Announcement said the company has been made aware of allegations of unauthorised transactions (note plural) involving the company's escrow account in the DRC
The fact that this announcement has been made at the same time that the company announced they are still working on a security package for the Locke deal and we are changing lawyers leads me to think that we got to the pointy end of the term sheet agreement and AVZ were planning to use the idea I floated here months ago about using the potential damages claim from the Dathomir ICC case (Due in September last we were updated) as security with the $20m in escrow being the easiest path to liquidation of said damages and Locke agreed but when they went to Christian Lukusa to show proof of funds there wasn't the full $20m available. Although again this is all speculation on my part but Lukusa defo had the funds if that payment details report is accurate.
My dealings with escrow accounts is that they are just another bank account held by the lawyers. They are legally obliged not to touch it but can very easily if they want to. I can't think of any other reason for us to all of a sudden be appointing a new legal councel at the exact same time this escrow issue has come up.
To get back any funds that have been allegedly transacted without authorisation we will need to take legal action. As the announcement says AVZ is investigating these allegations, including any potential wrongdoing, and to the extent there have been any unauthorised transactions in respect of the account, AVZ will take all necessary actions required. Looks like yet another legal front will be opened in this infinite quagmire imo
One thing I'd add to your chain of events is this week's letter to shareholders - if it is to be believed.
Presumably Nigel having looked in the escrow account (only at the eleventh hour mind you **) and found it lacking, now turns to major shareholders in an attempt to fill the shortfall in the funds required to get this over the line.
** what really irks is that all this African experience didn't tell them to keep an eagle eye on that money!!